May 27, 2020
According to the research report titled ‘Railway Aftermarket Size By Subsystem, By Product, By Service Provider, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, global railway aftermarket is expected to register significant growth by the year 2026.
Increasing significance of railway networks in sustainable economy and global security in consort with rising preference for railways for passenger transport, freight and logistics are major factors driving the growth of railway aftermarket. Focus towards minimizing environmental emissions is encouraging governments to expand the railway network for efficient public transport, hence boosting market growth.
As per subsystem, body structures segment accounted for 6% market share in 2018 and is predicted to expand with a CAGR of 2.8% during 2019-2026. Lightweight body structures help in minimizing axle loads in railways, which further lowers the consumption of energy required to propel the vehicle as well as reduces the maintenance cost of railway tracks. Also, high-speed of rails can only is be achieved by lightweight body structures. Materials such as fiber reinforced composites, aluminum alloys and stainless steel are widely used as a base material in railway car body structure.
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Based on the product landscape, passenger coaches segment held 23% revenue share in 2018 and is expected to grow continuously in the forthcoming years. Flourishing passenger rail transportation and broadening railway network in emerging economies are fueling the growth of the segment. Emphasis towards improving the quality of coaches to enhance passenger experience and rising adoption of Linke Hoffmann Busch (LHB) coaches owing to their lightweight and better impact resistance to ensure passenger safety during accidents is also favoring the market outlook.
In terms of service provider, railway operators segment is reckoned to witness a y-o-y growth rate of 3.2% between 2019 and 2026. Incorporation of fleet operators for effective performance measurements and to generate real-time data of railways systems is boosting the segmental share.
Considering the geographical landscape, railway aftermarket in Middle East & Africa is slated to register 2% growth rate through 2026. Inflating prices of fuel has resulted in an upsurge in investments towards railway network expansion projects, which in turn is swaying the business dynamics in MEA.
Crown Rail Spares, ABB, Caterpillar, Skinest Group, PowerRail, CIM Equipment, Kingrail, Wabtec, Tidyco Ltd., Harsco Rail, Knorr-Bremse, Alstom, Bombardier Transportation, Stadler, ZF Friedrichshafen, Siemens Mobility and CRRC are major companies in global railway aftermarket.